Economic Recovery

LOS ANGELES - As a federal judge ruled against postponing the state's Oct. 7 recall vote, the transformation of Arnold Schwarzenegger from action star to political star began yesterday with his first major news conference and the introduction of his "economic recovery plan" for California. In an arrival more befitting a movie premiere than an economic summit, the gubernatorial candidate passed through a gantlet of reporters behind red velvet ropes as he approached a hotel ballroom with his 20 or so financial advisers.

NAPLES, Italy -- Describing the toll of unemployed in their countries as an "unacceptable waste," leaders of the Group of Seven leading industrial democracies agreed yesterday to pursue policies to keep a nascent economic recovery on track, encourage growth and create jobs.Then, joined by President Boris N. Yeltsin of Russia, they turned to global political problems, though their talks were overshadowed by the death of the president of North Korea, Kim Il Sung, and uncertainty about his country's plans to develop nuclear weapons.

LIMA, Peru - President Bush and other world leaders vowed yesterday to act "quickly and decisively" to battle the global economic crisis, as a 21-nation summit predicted worldwide recovery in 18 months. But the final declaration from the Asia-Pacific Economic Cooperation forum was short on specifics, beyond a vow by participating nations to avoid pressures to implement "protectionist" measures, such as import restrictions. "We are convinced that we can overcome this crisis in a period of eighteen months," the leaders concluded in a forecast added to a statement originally issued Saturday.

The economic recovery picked up steam heading into fall with even the beleaguered manufacturing sector showing signs of strength, the Federal Reserve reported yesterday. Ten of the central bank's 12 districts reported that "activity has been expanding," while Boston and Cleveland turned in "mixed but steady levels of economic activity," according to the Fed's Beige Book, a snapshot of economic conditions issued every six weeks. Hurricane Isabel inflicted "limited damage" in the states in the Fed's Richmond District, which includes Maryland, Virginia, West Virginia, the Carolinas and the District of Columbia, and hardware stores, restaurants and grocery stores recorded brisk sales in the storm's aftermath.

LITTLE ROCK, Ark. -- As more than 300 delegates arrived here for today's opening of President-elect Bill Clinton's economic summit, the conference's organizer said a middle-class tax cut would be included in the new administration's economic program despite signs of economic recovery."

Over the past decade, the United States has engaged in the most significant increase in defense spending since the Korean War. Trillions of dollars have been allocated for the Pentagon, with little congressional monitoring or internal oversight. The defense budget for 2012 exceeds $600 billion, nearly equaling the combined defense spending of the rest of world. Every U.S. taxpayer spends twice as much for the cost of national defense as each British citizen; five times as much as each German; and six times as much as each Japanese.

WASHINGTON -- Domestic shipments by U.S. steelmakers in 1993 rose 7.5 percent, to their highest level in 12 years, as the economic recovery triggered a surge in orders from automakers and construction companies, an industry group reported yesterday.Shipments rose to 88.4 million net tons from 82.2 million net tons, the American Iron and Steel Institute said.December shipments rose 12.3 percent, to 7.38 million net tons, from 6.57 million net tons in the same month of 1992, AISI said.The Washington-based trade association said shipments to the automotive industry rose 14.1 percent for the year.

Maryland Attorney General Douglas F. Gansler and nine other attorneys general sent a letter Monday to President Obama and the U.S. Senate's leaders demanding new management at the government entity that oversees Fannie Mae and Freddie Mac. The housing finance firms, which have been controlled by the federal government since 2008, have become an “obstruction” to economic recovery, said the letter signed by Gansler and the attorneys general of...

Today has been designated as a national Workforce Day of Action. Over a dozen associations including Jobs for the Future, National Skills Coalition, United States Conference of Mayors and the National Association of Workforce Boards have joined forces to send a strong message: Workforce development programs are essential to our country's economic recovery and job creation effort. All across America, workforce professionals in partnership with employers are training workers for existing and emerging high-demand jobs.

In a recent column, Jean Marbella asked if shopping is really good for the economy ( "Shopping for Christmas, and for economic recovery," Dec. 4). One way to help the economy is to shop locally. Every dollar spent in a neighborhood store returns about 45 cents to the community, whereas every dollar spent at the mall or with major retail chains only returns about 15 cents to the local area. Shopping in one of Baltimore's neighborhood stores triples the impact on the local economy.